ASTRO MED INC /NEW/, 10-Q filed on 8/31/2012
Quarterly Report
Document and Entity Information
6 Months Ended
Jul. 28, 2012
Aug. 24, 2012
Document and Entity Information [Abstract]
 
 
Entity Registrant Name
ASTRO MED INC /NEW/ 
 
Entity Central Index Key
0000008146 
 
Document Type
10-Q 
 
Document Period End Date
Jul. 28, 2012 
 
Amendment Flag
false 
 
Document Fiscal Year Focus
2012 
 
Document Fiscal Period Focus
Q2 
 
Current Fiscal Year End Date
--01-31 
 
Entity Filer Category
Smaller Reporting Company 
 
Entity Common Stock, Shares Outstanding
 
7,441,490 
Trading Symbol
alot 
 
Condensed Consolidated Balance Sheets (Unaudited) (USD $)
Jul. 28, 2012
Jan. 31, 2012
CURRENT ASSETS
 
 
Cash and Cash Equivalents
$ 11,149,600 
$ 11,703,621 
Securities Available for Sale
11,366,388 
11,335,924 
Accounts Receivable, net
11,577,674 
11,800,481 
Inventories
13,946,054 
14,128,599 
Deferred Tax Assets
2,388,132 
2,618,578 
Line of Credit Receivable
300,000 
 
Prepaid Expenses and Other Current Assets
962,769 
891,047 
Total Current Assets
51,690,617 
52,478,250 
PROPERTY, PLANT AND EQUIPMENT
38,070,527 
37,876,071 
Less Accumulated Depreciation
(27,307,352)
(26,705,341)
Property, Plant and Equipment, net
10,763,175 
11,170,730 
OTHER ASSETS
 
 
Goodwill
2,336,721 
2,336,721 
Notes Receivable
907,200 
969,700 
Other
106,167 
106,735 
Total Other Assets
3,350,088 
3,413,156 
TOTAL ASSETS
65,803,880 
67,062,136 
CURRENT LIABILITIES
 
 
Accounts Payable
2,142,600 
2,540,116 
Accrued Compensation
2,456,958 
3,228,728 
Other Accrued Expenses
1,565,168 
1,807,675 
Deferred Revenue
566,525 
623,223 
Income Taxes Payable
85,235 
72,725 
Total Current Liabilities
6,816,486 
8,272,467 
Deferred Tax Liabilities
1,774,568 
1,894,104 
Other Long Term Liabilities
858,661 
1,232,699 
TOTAL LIABILITIES
9,449,715 
11,399,270 
SHAREHOLDERS' EQUITY
 
 
Common Stock, $.05 Par Value, Authorized 13,000,000 shares; Issued 9,003,189 and 8,956,488 shares at July 28, 2012 and January 31, 2012, respectively
450,164 
447,829 
Additional Paid-In Capital
38,304,635 
37,964,204 
Retained Earnings
28,701,885 
27,919,367 
Treasury Stock, at Cost, 1,563,214 and 1,542,276 shares at July 28, 2012 and January 31, 2012, respectively
(10,966,237)
(10,789,805)
Accumulated Other Comprehensive Income
(136,282)
121,271 
Total Shareholders' Equity
56,354,165 
55,662,866 
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY
$ 65,803,880 
$ 67,062,136 
Condensed Consolidated Balance Sheets (Parenthetical) (USD $)
Jul. 28, 2012
Jan. 31, 2012
Condensed Consolidated Balance Sheets [Abstract]
 
 
Common Stock, Par Value
$ 0.05 
$ 0.05 
Common Stock, Shares Authorized
13,000,000 
13,000,000 
Common Stock, Shares Issued
9,003,189 
8,956,488 
Treasury Stock, Shares
1,563,214 
1,542,276 
Condensed Consolidated Statements of Operations (Unaudited) (USD $)
3 Months Ended 6 Months Ended
Jul. 28, 2012
Jul. 30, 2011
Jul. 28, 2012
Jul. 30, 2011
Condensed Consolidated Statements of Operations [Abstract]
 
 
 
 
Net Sales
$ 19,572,354 
$ 20,335,676 
$ 37,997,129 
$ 39,195,665 
Cost of Sales
11,273,411 
12,434,648 
22,327,225 
23,793,350 
Gross Profit
8,298,943 
7,901,028 
15,669,904 
15,402,315 
Costs and Expenses:
 
 
 
 
Selling and Marketing
4,298,151 
4,526,112 
8,541,732 
9,091,650 
General and Administrative
1,115,029 
964,210 
2,151,643 
1,875,141 
Research and Development
1,207,832 
1,187,406 
2,411,327 
2,655,268 
Operating Expenses
6,621,012 
6,677,728 
13,104,702 
13,622,059 
Operating Income
1,677,931 
1,223,300 
2,565,202 
1,780,256 
Other Income (Expense)
(88,925)
296,962 
(103,028)
447,282 
Income Before Income Taxes
1,589,006 
1,520,262 
2,462,174 
2,227,538 
Income Tax Provision
602,233 
474,423 
638,586 
750,260 
Net Income
$ 986,773 
$ 1,045,839 
$ 1,823,588 
$ 1,477,278 
Net Income per Common Share:
 
 
 
 
Basic
$ 0.13 
$ 0.14 
$ 0.25 
$ 0.20 
Diluted
$ 0.13 
$ 0.14 
$ 0.24 
$ 0.20 
Weighted Average Number of Shares Outstanding:
 
 
 
 
Basic
7,439,225 
7,292,986 
7,432,158 
7,280,211 
Diluted
7,491,160 
7,445,536 
7,488,985 
7,423,539 
Dividends Declared Per Common Share
$ 0.07 
$ 0.07 
$ 0.14 
$ 0.14 
Condensed Consolidated Statement of Comprehensive Income (Unaudited) (USD $)
3 Months Ended 6 Months Ended
Jul. 28, 2012
Jul. 30, 2011
Jul. 28, 2012
Jul. 30, 2011
Condensed Consolidated Statements of Comprehensive Income [Abstract]
 
 
 
 
Net Income
$ 986,773 
$ 1,045,839 
$ 1,823,588 
$ 1,477,278 
Other Comprehensive Income (Loss), Net of Taxes and Reclassification Adjustments:
 
 
 
 
Foreign Currency Translation Adjustments
(301,643)
(149,686)
(250,708)
233,324 
Unrealized Holding Gain (Loss) Arising During the Period
(2,124)
(219)
(6,845)
8,105 
Other Comprehensive Income (Loss)
(303,767)
(149,905)
(257,553)
241,429 
Comprehensive Income
$ 683,006 
$ 895,934 
$ 1,566,035 
$ 1,718,707 
Condensed Consolidated Statements of Cash Flows (Unaudited) (USD $)
6 Months Ended
Jul. 28, 2012
Jul. 30, 2011
Cash Flows from Operating Activities:
 
 
Net Income
$ 1,823,588 
$ 1,477,278 
Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities:
 
 
Depreciation and Amortization
687,469 
816,251 
Share-Based Compensation
125,460 
118,246 
Deferred Income Tax Provision
110,910 
20,375 
Life Insurance Proceeds Receivable
 
(301,697)
Changes in Assets and Liabilities:
 
 
Accounts Receivable
222,807 
(1,387,801)
Inventories
182,545 
502,134 
Income Taxes
(220,772)
480,959 
Accounts Payable and Accrued Expenses
(1,468,491)
(505,154)
Other
(357,888)
(27,441)
Net Cash Provided by Operating Activities
1,105,628 
1,193,150 
Cash Flows from Investing Activities:
 
 
Proceeds from Sales/Maturities of Securities Available for Sale
7,635,000 
5,880,000 
Purchases of Securities Available for Sale
(7,675,834)
(3,646,025)
Line of Credit Issuance
(300,000)
 
Additions to Property, Plant and Equipment
(318,622)
(631,427)
Net Cash Provided (Used) by Investing Activities
(659,456)
1,602,548 
Cash Flows from Financing Activities:
 
 
Proceeds from Common Shares Issued Under Employee Benefit Plans and Employee Stock Option Plans, Net of Payment of Minimum Tax Withholdings
40,872 
44,824 
Dividends Paid
(1,041,065)
(1,020,596)
Net Cash Used in Financing Activities
(1,000,193)
(975,772)
Net Increase (Decrease) in Cash and Cash Equivalents
(554,021)
1,819,926 
Cash and Cash Equivalents, Beginning of Period
 
7,720,135 
Cash and Cash Equivalents, End of Period
11,149,600 
9,540,061 
Supplemental Disclosures of Cash Flow Information:
 
 
Cash Paid During the Period for Income Taxes, Net of Refunds
$ 768,883 
$ 255,706 
Overview
Overview

(1) Overview

Headquartered in West Warwick, Rhode Island, Astro-Med Inc. designs, develops, manufactures and distributes a broad range of specialty printers and data acquisition and analysis systems. Our products are distributed through our own sales force and authorized dealers in the United States. We also sell to customers outside of the United States primarily by using authorized dealers and international sales representatives, who are managed from our foreign branch offices. Astro-Med, Inc. products are sold under the brand names Astro-Med ® Test & Measurement, Grass ® Technologies and QuickLabel ® Systems and are employed around the world in a wide range of aerospace, automotive, communications, chemical, food and beverage, medical, military, industrial, and packaging applications.

Unless otherwise indicated, references to “Astro-Med,” the “Company,” “we,” “our,” and “us” in this Quarterly Report on Form 10-Q refer to Astro-Med, Inc. and its consolidated subsidiaries.

Basis of Presentation
Basis of Presentation

(2) Basis of Presentation

The accompanying unaudited condensed consolidated financial statements have been prepared by Astro-Med pursuant to the rules and regulations of the Securities and Exchange Commission, and reflect all adjustments consisting of normal recurring adjustments which, in the opinion of management, are necessary for a fair presentation of the results of the interim periods included herein. These financial statements do not include all disclosures associated with annual financial statements and, accordingly, should be read in conjunction with footnotes contained in the Company’s Annual Report on Form 10-K for the fiscal year ended January 31, 2012.

Results of operations for the interim periods presented herein are not necessarily indicative of the results that may be expected for the full year.

The presentation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported and disclosed in the consolidated financial statements and accompanying notes. Some of the more significant estimates relate to the allowances for doubtful accounts and credits, inventory valuation, impairment of long-lived assets and goodwill, income taxes, share-based compensation and warranty reserves. Management’s estimates are based on the facts and circumstances available at the time estimates are made, past historical experience, risk of loss, general economic conditions and trends, and management’s assessments of the probable future outcome of these matters. Consequently, actual results could differ from those estimates.

Certain amounts in prior year’s financial statements have been reclassified to conform to the current year’s presentation.

Principles of Consolidation
Principles of Consolidation

(3) Principles of Consolidation

The accompanying condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All significant intercompany accounts and transactions are eliminated in consolidation.

Net Income Per Common Share
Net Income Per Common Share

(4) Net Income Per Common Share

Basic net income per share is calculated by dividing net income by the weighted average number of shares outstanding during the period. Diluted net income per share is calculated by dividing net income by the weighted average number of shares and, if dilutive, common equivalent shares for stock options, restricted stock awards and restricted stock units outstanding during the period. A reconciliation of the shares used in calculating basic and diluted net income per share is as follows:

 

                                 
    Three Months Ended     Six Months Ended  
    July 28,
2012
    July 30,
2011
    July 28,
2012
    July 30,
2011
 

Weighted Average Common Shares Outstanding – Basic

    7,439,225       7,292,986       7,432,158       7,280,211  

Effect of Dilutive Options, Restricted Stock Awards and Restricted Stock Units

    51,935       152,550       56,827       143,328  
   

 

 

   

 

 

   

 

 

   

 

 

 

Weighted Average Common Shares Outstanding – Diluted

    7,491,160       7,445,536       7,488,985       7,423,539  
   

 

 

   

 

 

   

 

 

   

 

 

 

 

For the three and six months ended July 28, 2012, the diluted per share amounts do not reflect common equivalent shares outstanding of 605,844 because their effect would have been anti-dilutive. For the three and six months ended July 30, 2011, the diluted per share amounts do not reflect options outstanding of 615,769 and 736,590, respectively. These outstanding options were not included due to their anti-dilutive effect, as the exercise price was greater than the average market price of the underlying stock during the period presented.

Share-Based Compensation
Share-Based Compensation

(5) Share-Based Compensation

Astro-Med has one equity incentive plan (the “Plan”) under which incentive stock options, non-qualified stock options, restricted stock units (“RSUs”), restricted stock awards (“RSAs”) and other equity based awards may be granted to officers and certain employees. An aggregate of 1,000,000 shares were authorized for awards under the Plan. Options granted to employees vest over four years. The exercise price of each stock option will be established at the discretion of the Compensation Committee; however, any incentive stock options granted must be at an exercise price of not less than fair market value at the date of grant. Beginning in fiscal year 2013, a portion of the Company’s long-term incentive compensation will be awarded in the form of RSUs. The RSUs vest fifty-percent on the first anniversary of the grant date and fifty-percent on the second anniversary of the grant date provided that the grantee is employed on each vesting date by Astro-Med or an affiliate company and provided the Company achieves specific thresholds of net sales and annual operating income as established under the Management Bonus Domestic Plan. At July 28, 2012, 559,594 shares were available for grant under the Plan.

The Plan provides for an automatic annual grant of ten-year options to purchase 5,000 shares of stock to each non-employee director upon the adjournment of each annual shareholders’ meeting. Each such option is exercisable at the fair market value as of the grant date and vests immediately prior to the next succeeding annual shareholders’ meeting. During the second quarter of fiscal 2013, 20,000 options were awarded to non-employee directors pursuant to the Plan. In addition to the automatic option grant under Plan, the Company adopted a Non-Employee Director Annual Compensation Program (the “Program”) effective as of February 1, 2012. The Program provides that each non-employee director is entitled to an annual cash retainer of $7,000 (the “Cash Retainer”), plus $500 for each Board and committee meeting attended, provided that if more than one meeting occurs on the same day, no more than $500 shall be paid for such day. The non-employee director may elect for any fiscal year to receive all or a portion of the Cash Retainer in the form of common stock of the Company, which will be issued under the Plan. If a non-employee director elects to receive all or a portion of the Cash Retainer in the form of common stock, such shares shall be issued in four quarterly installments on the first day of each fiscal quarter, and the number of shares of common stock to be issued shall be based on the fair market value of such common stock on the date such installment is payable. The common stock received in lieu of such Cash Retainer will be fully vested. However, a non-employee director who receives common stock in lieu of all or a portion of the Cash Retainer may not sell, transfer, assign, pledge or otherwise encumber the common stock prior to the first anniversary of the date on which such shares were issuable. In the event of the death or disability of a nonemployee director, or a change in control of the Company, any shares of common stock issued in lieu of such Cash Retainer, shall no longer be subject to such restrictions on transfer.

In addition, under the Program, commencing with the 2012 annual meeting, each non-employee director will receive “RSAs” with a value equal to $20,000 (the “Equity Retainer”). If a non-employee director is first appointed or elected to the Board of Directors effective on a date other than at the annual shareholders meeting, on the date of such appointment or election, the director shall receive a pro rata award of restricted common stock having a value based on the number of days remaining until the next annual meeting. The Equity Retainer will vest on the earlier of 12 months after the grant date or the date immediately prior to the next annual meeting of the shareholders following the meeting at which such RSAs were granted. However, a non-employee director may not sell, transfer, assign, pledge or otherwise encumber the vested common stock prior to the second anniversary of the vesting date. In the event of the death or disability of a non-employee director, or a change in control of the Company, the RSAs shall immediately vest and shall no longer be subject to such restrictions on transfer. During the second quarter of fiscal 2013, 9,900 RSAs were awarded to non-employee directors pursuant to the Program.

 

We account for compensation cost related to share-based payments based on fair value of the stock options, RSUs and RSAs when awarded to an employee or director. We have estimated the fair value of each option on the date of grant using the Black-Scholes option-pricing model. Our estimate requires a number of complex and subjective assumptions including our stock price volatility, employee exercise patterns (expected life of the options), the risk-free interest rate and the Company’s dividend yield. The stock price volatility assumption is based on the historical weekly price data of our common stock over a period equivalent to the weighted average expected life of our options. Management evaluated whether there were factors during that period which were unusual and would distort the volatility figure if used to estimate future volatility and concluded that there were no such factors. In determining the expected life of the option grants, the Company has observed the actual terms of prior grants with similar characteristics and the actual vesting schedule of the grant and has assessed the expected risk tolerance of different option groups. The risk-free interest rate is based on the actual U.S. Treasury zero coupon rates for bonds matching the expected term of the option as of the option grant date. Our accounting for share-based compensation for RSUs and RSAs is also based on the fair value method. The fair value of the RSUs and RSAs is based on the closing market price of the Company’s common stock on the date of the RSU or RSA award.

Share-based compensation expense was recognized as follows:

 

                                 
    Three Months Ended     Six Months Ended  
    July 28, 2012     July 30, 2011     July 28, 2012     July 30, 2011  

Stock Options

  $ 39,107     $ 40,608     $ 78,330     $ 118,246  

Restricted Stock Awards and Restricted Stock Units

    39,320       —         47,130       —    
   

 

 

   

 

 

   

 

 

   

 

 

 

Total

  $ 78,427     $ 40,608     $ 125,460     $ 118,246  
   

 

 

   

 

 

   

 

 

   

 

 

 

Stock Options

The fair value of stock options granted during the six months ended July 28, 2012 and July 30, 2011 was estimated using the following assumptions:

 

                 
    Six Months Ended  
    July 28,
2012
    July 30,
2011
 

Risk Free Interest Rate

    1.0     1.8% - 2.0

Expected Volatility

    39.4     39.1% - 39.4

Expected Life (in years)

    5.0       5.0  

Dividend Yield

    3.5     3.6% - 3.9

The weighted average fair value per share for options granted was $2.09 during the first quarter of fiscal 2013 and $2.01 during the second quarter of fiscal 2013 compared to $2.03 and $2.05 during the first and second quarters of fiscal 2012.

Aggregated information regarding stock options granted under the Plan for the six months ended July 28, 2012 is summarized below:

 

                                 
    Number of Options     Weighted Average
Exercise Price
    Weighted Average
Remaining
Contractual Life
(in Years)
    Aggregate Intrinsic
Value
 

Outstanding at January 31, 2012

    888,097     $ 8.27       4.7     $ 547,874  

Granted

    94,000       8.19                  

Exercised

    (42,438     4.37                  

Expired or canceled

    (40,056     8.45                  
   

 

 

   

 

 

                 

Outstanding at July 28, 2012

    899,603     $ 8.44       4.7     $ 355,190  
   

 

 

   

 

 

   

 

 

   

 

 

 

Exercisable at July 28, 2012

    736,203     $ 8.58       3.8     $ 305,966  
   

 

 

   

 

 

   

 

 

   

 

 

 

As of July 28, 2012 there was $285,920 of unrecognized compensation expense related to unvested options.

 

Restricted Stock Units (RSUs) and Restricted Stock Awards (RSAs)

Aggregated information regarding RSUs and RSAs granted under the Plan for the six months ended July 28, 2012 is summarized below:

 

                 
    RSAs & RSUs     Weighted Average
Grant Date Fair Value
 

Outstanding at January 31, 2012

    —       $ —    

Granted

    46,900       8.29  

Exercised

    —         —    

Expired or canceled

    —         —    
   

 

 

   

 

 

 

Outstanding at July 28, 2012

    46,900     $ 8.29  
   

 

 

   

 

 

 

As of July 28, 2012 there was $252,952 of unrecognized compensation expense related to unvested RSUs and RSAs.

Employee Stock Purchase Plan

Astro-Med has an Employee Stock Purchase Plan allowing eligible employees to purchase shares of common stock at a 15% discount from fair value on the date of purchase. A total of 247,500 shares were reserved for issuance under this plan. During the quarters ended July 28, 2012 and July 30, 2011, 1,550 and 1,559 shares respectively, were purchased under this plan. During the six months ended July 28, 2012 and July 30, 2011, 2,547 and 3,277 shares respectively, were purchased under this plan. As of July 28, 2012, 67,660 shares remain available.

Inventories
Inventories

(6) Inventories

Inventories are stated at the lower of cost (first-in, first-out) or market and include material, labor and manufacturing overhead. The components of inventories are as follows:

 

                 
    July 28, 2012     January 31, 2012  

Materials and Supplies

  $ 8,708,767     $ 9,204,853  

Work-In-Process

    1,247,758       1,274,397  

Finished Goods

    3,989,529       3,649,349  
   

 

 

   

 

 

 
    $ 13,946,054     $ 14,128,599  
   

 

 

   

 

 

 
Income Taxes
Income Taxes

(7) Income Taxes

The Company’s effective tax rates for the periods, which are based on the projected effective tax rate for the full year, are as follows:

 

                 
    Three Months Ended     Six Months Ended  

Fiscal 2013

    37.9     25.9

Fiscal 2012

    31.2     33.7

During fiscal 2013, the Company recognized an income tax expense of approximately $638,000 which included an expense of $907,000 on the six month’s pretax income and a benefit $269,000 primarily related to the favorable resolution of a previously uncertain tax positions.

As of July 28, 2012, the Company’s cumulative unrecognized tax benefits totaled $570,354 compared to $779,543 as of January 31, 2012. There were no developments affecting unrecognized tax benefits during the quarter ended July 28, 2012.

 

Line of Credit and Note Receivable
Line of Credit and Note Receivable

(8) Line of Credit and Note Receivable

On January 30, 2012, we completed the sale of our label manufacturing operations in Asheboro, North Carolina to Label Line Ltd. The net sales price of $1,000,000 was received in the form of a promissory note issued by Label Line Ltd. and is fully secured by a first lien on various collateral, including the Asheboro plant and plant assets. The note bears interest at a rate equal to the lesser of (i) the United States prime rate as of January 30, 2013 plus 50 basis points or (ii) six percent per annum and is payable in sixteen quarterly installments of principal and interest commencing on January 30, 2013. The Note Receivable is disclosed at its present value on the accompanying condensed consolidated balance sheet for the periods ended July 28, 2012 and January 31, 2012. The current portion of the Note Receivable of $62,500 is included in prepaid and other current assets on the accompanying condensed consolidated balance sheet for the period ended July 28, 2012.

The terms of the Asheboro sale also included an agreement for Astro-Med to provide Label Line Ltd. with additional financing in the form of a revolving line of credit in the amount of $600,000. This line of credit is fully secured by first lien on various collateral of Label Line Ltd., including the Asheboro plant and plant assets and bears interest at a rate equal to the United States prime rate plus an additional margin of two percent of the outstanding credit balance. The line of credit has an initial term of one-year from the date of the sale which may be extended for consecutive one-year terms on mutual agreement of both parties. There were no outstanding borrowings due as of January 31, 2012. As of July 28, 2012, Astro-Med has extended $300,000 on this revolving line of credit.

Segment Information
Segment Information

(9) Segment Information

The Company reports three segments consistent with its sales product groups: Test & Measurement (T&M); QuickLabel Systems (QuickLabel) and Grass Technologies (Grass). The Company evaluates segment performance based on the segment profit before corporate expenses.

Summarized below are the Net Sales and Segment Operating Profit for each reporting segment:

 

                                                                 
    Three Months Ended     Six Months Ended  
    Net Sales     Segment Operating Profit     Net Sales     Segment Operating Profit  

(In thousands)

  July 28,
2012
    July 30,
2011
    July 28,
2012
    July 30,
2011
    July 28,
2012
    July 30,
2011
    July 28,
2012
    July 30,
2011
 

T&M

  $ 3,856     $ 4,477     $ 569     $ 861     $ 7,829     $ 8,226     $ 1,112     $ 873  

QuickLabel

    10,807       11,238       1,073       627       21,171       22,012       1,976       1,408  

Grass

    4,909       4,621       1,098       745       8,997       8,958       1,546       1,410  
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total

  $ 19,572     $ 20,336       2,740       2,233     $ 37,997     $ 39,196       4,634       3,691  
   

 

 

   

 

 

                   

 

 

   

 

 

                 

Corporate Expenses

                    1,062       1,010                       2,069       1,911  
                   

 

 

   

 

 

                   

 

 

   

 

 

 

Operating Income

                    1,678       1,223                       2,565       1,780  

Other Income (Expense) — Net

                    (89     297                       (103     448  
                   

 

 

   

 

 

                   

 

 

   

 

 

 

Income Before Income Taxes

                    1,589       1,520                       2,462       2,228  

Income Tax Provision

                    602       474                       638       751  
                   

 

 

   

 

 

                   

 

 

   

 

 

 

Net Income

                  $ 987     $ 1,046                     $ 1,824     $ 1,477  
                   

 

 

   

 

 

                   

 

 

   

 

 

 

 

Recent Accounting Pronouncements
Recent Accounting Pronouncements

(10) Recent Accounting Pronouncements

Comprehensive Income

In June 2011, the FASB issued ASU 2011-05, “Presentation of Comprehensive Income,” which requires entities to present the components of net income and other comprehensive income either as one continuous statement or as two consecutive statements. ASU 2011-05 eliminates the option to present the components of other comprehensive income as part of the statement of changes in shareholders’ equity. While ASU 2011-05 changes the presentation of comprehensive income, it does not change the components that are recognized in net income or comprehensive income under current accounting guidance. ASU 2011-05 also requires entities to present reclassification adjustments out of accumulated other comprehensive income by component in both the statement in which net income is presented and the statement in which other comprehensive income is presented. In December 2011, the FASB issued ASU 2011-12, “Deferral of the Effective Date for Amendments to the Presentation of Reclassification of Items Out of Accumulated Other Comprehensive Income in Accounting Standard Update No. 2011-05,” which indefinitely defers the guidance related to the presentation of reclassification adjustments. ASU 2011-05 is effective for interim and annual periods beginning after December 15, 2011, and must be applied retrospectively. We adopted this guidance in the first quarter of fiscal 2013 and have provided the disclosures required for the three and six months ended July 28, 2012 and July 30, 2011, in the accompanying Condensed Consolidated Statements of Comprehensive Income.

Fair Value Measurements

In May 2011, the FASB issued ASU 2011-04, “Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRSs,” which is intended to improve the comparability of fair value measurements presented and disclosed in financial statements prepared in accordance with U.S. GAAP and IFRS. ASU 2011-04 does not extend the use of fair value accounting, but provides guidance on how it should be applied where its use is already required or permitted by other standards within U.S. GAAP or IFRSs. ASU 2011-04 changes the wording used to describe many requirements in U.S. GAAP for measuring fair value and for disclosing information about fair value measurements. Additionally, ASU 2011-04 clarifies the FASB’s intent about the application of existing fair value measurement. We adopted ASU 2011-04 effective February 1, 2012. The provisions of this guidance did not have a material effect on our consolidated financial position or results of operations.

Except for the ASU’s discussed above, all other ASUs issued by the FASB as of the filing date of this Quarterly Report on Form 10-Q are not expected to have a material effect on our consolidated financial statements.

Securities Available for Sale
Securities Available for Sale

(11) Securities Available for Sale

Pursuant to our investment policy, securities available for sale include state and municipal securities with various contractual or anticipated maturity dates ranging from one to 17 months. Securities available for sale are carried at fair value, with unrealized gains and losses reported as a component of accumulated other comprehensive income (loss) in shareholders’ equity until realized. Realized gains and losses from the sale of available for sale securities, if any, are determined on a specific identification basis. A decline in the fair value of any available for sale security below cost that is determined to be other than temporary will result in a write-down of its carrying amount to fair value. No such impairment charges were recorded for any period presented. All short-term investment securities have original maturities greater than 90 days. The fair value, amortized cost and gross unrealized gains and losses of the securities are as follows:

 

                                 

July 28, 2012

  Amortized Cost     Gross Unrealized
Gains
    Gross Unrealized
Losses
    Fair Value  

State and Municipal Obligations

  $ 11,353,847     $ 13,262     $ (721   $ 11,366,388  
   

 

 

   

 

 

   

 

 

   

 

 

 
         

January 31, 2012

  Amortized Cost     Gross Unrealized
Gains
    Gross Unrealized
Losses
    Fair Value  

State and Municipal Obligations

  $ 11,313,013     $ 22,933     $ (22   $ 11,335,924  
   

 

 

   

 

 

   

 

 

   

 

 

 

 

Fair Value
Fair Value

(12) Fair Value

We measure our financial assets at fair value on a recurring basis in accordance with the guidance provided in ASC 820, “Fair Value Measurement and Disclosures” which defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (exit price). In addition, ASC 820 establishes a three-tiered hierarchy for inputs used in management’s determination of fair value of financial instruments that emphasizes the use of observable inputs over the use of unobservable inputs by requiring that observable inputs be used when available. Observable inputs are inputs that reflect management’s belief about the assumptions market participants would use in pricing a financial instrument based on the best information available in the circumstances.

The fair value hierarchy is summarized as follows:

 

   

Level 1—Quoted prices in active markets for identical assets or liabilities;

 

   

Level 2—Inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities; and

 

   

Level 3—Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities.

Cash and cash equivalents; accounts receivables; line of credit receivable; accounts payable, accrued compensation and other expenses; and income tax payable are reflected in the condensed consolidated balance sheet at carrying value, which approximates fair value due to the short term nature of the these instruments.

Assets measured at fair value on a recurring basis are summarized below:

 

                                 

July 28, 2012

  Level 1     Level 2     Level 3     Total  

Money Market Funds (included in Cash and Cash Equivalents)

  $ 5,901,983     $ —       $ —       $ 5,901,983  

State and Municipal Obligations (included in Securities Available for Sale)

    11,366,388       —         —         11,366,388  
   

 

 

   

 

 

   

 

 

   

 

 

 

Total

  $ 17,268,371     $ —       $ —       $ 17,268,371  
   

 

 

   

 

 

   

 

 

   

 

 

 

 

                                 

January 31, 2012

  Level 1     Level 2     Level 3     Total  

Money Market Funds (included in Cash and Cash Equivalents)

  $ 5,922,179     $ —       $ —       $ 5,922,179  

State and Municipal Obligations (included in Securities Available for Sale)

    11,335,924                       11,335,924  
   

 

 

   

 

 

   

 

 

   

 

 

 

Total

  $ 17,258,103     $ —       $ —       $ 17,258,103  
   

 

 

   

 

 

   

 

 

   

 

 

 

For our money market funds and state and municipal obligations, we utilize the market approach to measure fair value. The market approach is based on using quoted market prices for identical assets.

Life Insurance Proceeds
Life Insurance Proceeds

(13) Life Insurance Proceeds

During the second quarter of fiscal 2012, we recognized income on key-man life insurance proceeds of $300,000. This income is included in other income in the accompanying consolidated statement of operations for the six month period ended July 30, 2011.

Net Income Per Common Share (Tables)
Reconciliation of the shares used in calculating basic and diluted
                                 
    Three Months Ended     Six Months Ended  
    July 28,
2012
    July 30,
2011
    July 28,
2012
    July 30,
2011
 

Weighted Average Common Shares Outstanding – Basic

    7,439,225       7,292,986       7,432,158       7,280,211  

Effect of Dilutive Options, Restricted Stock Awards and Restricted Stock Units

    51,935       152,550       56,827       143,328  
   

 

 

   

 

 

   

 

 

   

 

 

 

Weighted Average Common Shares Outstanding – Diluted

    7,491,160       7,445,536       7,488,985       7,423,539  
   

 

 

   

 

 

   

 

 

   

 

 

 
Share-Based Compensation (Tables)
                                 
    Three Months Ended     Six Months Ended  
    July 28, 2012     July 30, 2011     July 28, 2012     July 30, 2011  

Stock Options

  $ 39,107     $ 40,608     $ 78,330     $ 118,246  

Restricted Stock Awards and Restricted Stock Units

    39,320       —         47,130       —    
   

 

 

   

 

 

   

 

 

   

 

 

 

Total

  $ 78,427     $ 40,608     $ 125,460     $ 118,246  
   

 

 

   

 

 

   

 

 

   

 

 

 
                 
    Six Months Ended  
    July 28,
2012
    July 30,
2011
 

Risk Free Interest Rate

    1.0     1.8% - 2.0

Expected Volatility

    39.4     39.1% - 39.4

Expected Life (in years)

    5.0       5.0  

Dividend Yield

    3.5     3.6% - 3.9
                                 
    Number of Options     Weighted Average
Exercise Price
    Weighted Average
Remaining
Contractual Life
(in Years)
    Aggregate Intrinsic
Value
 

Outstanding at January 31, 2012

    888,097     $ 8.27       4.7     $ 547,874  

Granted

    94,000       8.19                  

Exercised

    (42,438     4.37                  

Expired or canceled

    (40,056     8.45                  
   

 

 

   

 

 

                 

Outstanding at July 28, 2012

    899,603     $ 8.44       4.7     $ 355,190  
   

 

 

   

 

 

   

 

 

   

 

 

 

Exercisable at July 28, 2012

    736,203     $ 8.58       3.8     $ 305,966  
   

 

 

   

 

 

   

 

 

   

 

 

 
                 
    RSAs & RSUs     Weighted Average
Grant Date Fair Value
 

Outstanding at January 31, 2012

    —       $ —    

Granted

    46,900       8.29  

Exercised

    —         —    

Expired or canceled

    —         —    
   

 

 

   

 

 

 

Outstanding at July 28, 2012

    46,900     $ 8.29  
   

 

 

   

 

 

 
Inventories (Tables)
Components of inventories
                 
    July 28, 2012     January 31, 2012  

Materials and Supplies

  $ 8,708,767     $ 9,204,853  

Work-In-Process

    1,247,758       1,274,397  

Finished Goods

    3,989,529       3,649,349  
   

 

 

   

 

 

 
    $ 13,946,054     $ 14,128,599  
   

 

 

   

 

 

 
Income Taxes (Tables)
Projected effective tax rate for the periods
                 
    Three Months Ended     Six Months Ended  

Fiscal 2013

    37.9     25.9

Fiscal 2012

    31.2     33.7
Segment Information (Tables)
Net Sales and Segment Operating Profit for each reporting segment
                                                                 
    Three Months Ended     Six Months Ended  
    Net Sales     Segment Operating Profit     Net Sales     Segment Operating Profit  

(In thousands)

  July 28,
2012
    July 30,
2011
    July 28,
2012
    July 30,
2011
    July 28,
2012
    July 30,
2011
    July 28,
2012
    July 30,
2011
 

T&M

  $ 3,856     $ 4,477     $ 569     $ 861     $ 7,829     $ 8,226     $ 1,112     $ 873  

QuickLabel

    10,807       11,238       1,073       627       21,171       22,012       1,976       1,408  

Grass

    4,909       4,621       1,098       745       8,997       8,958       1,546       1,410  
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total

  $ 19,572     $ 20,336       2,740       2,233     $ 37,997     $ 39,196       4,634       3,691  
   

 

 

   

 

 

                   

 

 

   

 

 

                 

Corporate Expenses

                    1,062       1,010                       2,069       1,911  
                   

 

 

   

 

 

                   

 

 

   

 

 

 

Operating Income

                    1,678       1,223                       2,565       1,780  

Other Income (Expense) — Net

                    (89     297                       (103     448  
                   

 

 

   

 

 

                   

 

 

   

 

 

 

Income Before Income Taxes

                    1,589       1,520                       2,462       2,228  

Income Tax Provision

                    602       474                       638       751  
                   

 

 

   

 

 

                   

 

 

   

 

 

 

Net Income

                  $ 987     $ 1,046                     $ 1,824     $ 1,477  
                   

 

 

   

 

 

                   

 

 

   

 

 

 
Securities Available for Sale (Tables)
Fair value, amortized cost and gross unrealized gains and losses of the securities
                                 

July 28, 2012

  Amortized Cost     Gross Unrealized
Gains
    Gross Unrealized
Losses
    Fair Value  

State and Municipal Obligations

  $ 11,353,847     $ 13,262     $ (721   $ 11,366,388  
   

 

 

   

 

 

   

 

 

   

 

 

 
         

January 31, 2012

  Amortized Cost     Gross Unrealized
Gains
    Gross Unrealized
Losses
    Fair Value  

State and Municipal Obligations

  $ 11,313,013     $ 22,933     $ (22   $ 11,335,924  
   

 

 

   

 

 

   

 

 

   

 

 

 
Fair Value (Tables)
Assets measured at fair value on a recurring basis
                                 

July 28, 2012

  Level 1     Level 2     Level 3     Total  

Money Market Funds (included in Cash and Cash Equivalents)

  $ 5,901,983     $ —       $ —       $ 5,901,983  

State and Municipal Obligations (included in Securities Available for Sale)

    11,366,388       —         —         11,366,388  
   

 

 

   

 

 

   

 

 

   

 

 

 

Total

  $ 17,268,371     $ —       $ —       $ 17,268,371  
   

 

 

   

 

 

   

 

 

   

 

 

 

 

                                 

January 31, 2012

  Level 1     Level 2     Level 3     Total  

Money Market Funds (included in Cash and Cash Equivalents)

  $ 5,922,179     $ —       $ —       $ 5,922,179  

State and Municipal Obligations (included in Securities Available for Sale)

    11,335,924                       11,335,924  
   

 

 

   

 

 

   

 

 

   

 

 

 

Total

  $ 17,258,103     $ —       $ —       $ 17,258,103  
   

 

 

   

 

 

   

 

 

   

 

 

 
Net Income Per Common Share (Details)
3 Months Ended 6 Months Ended
Jul. 28, 2012
Jul. 30, 2011
Jul. 28, 2012
Jul. 30, 2011
Reconciliation of the shares used in calculating basic and diluted
 
 
 
 
Weighted Average Common Shares Outstanding - Basic
7,439,225 
7,292,986 
7,432,158 
7,280,211 
Effect of Dilutive Options, Restricted Stock Awards and Restricted Stock Units
51,935 
152,550 
56,827 
143,328 
Weighted Average Common Shares Outstanding - Diluted
7,491,160 
7,445,536 
7,488,985 
7,423,539 
Net Income Per Common Share (Details Textual)
3 Months Ended 6 Months Ended
Jul. 28, 2012
Jul. 30, 2011
Jul. 28, 2012
Jul. 30, 2011
Net Income Per Common Share (Textual) [Abstract]
 
 
 
 
Anti-dilutive option
605,844 
615,769 
605,844 
736,590 
Share-Based Compensation (Details) (USD $)
3 Months Ended 6 Months Ended
Jul. 28, 2012
Jul. 30, 2011
Jul. 28, 2012
Jul. 30, 2011
Share-based compensation expense
 
 
 
 
Share-based compensation, Total
$ 78,427 
$ 40,608 
$ 125,460 
$ 118,246 
Stock Options [Member]
 
 
 
 
Share-based compensation expense
 
 
 
 
Share-based compensation, Total
39,107 
40,608 
78,330 
118,246 
Restricted Stock Awards and Restricted Stock Units [Member]
 
 
 
 
Share-based compensation expense
 
 
 
 
Share-based compensation, Total
$ 39,320 
 
$ 47,130 
 
Share-Based Compensation (Details 1)
6 Months Ended
Jul. 28, 2012
Jul. 30, 2011
Fair value of stock options granted
 
 
Risk Free Interest Rate
1.00% 
 
Risk Free Interest Rate, Minimum
 
1.80% 
Risk Free Interest Rate, Maximum
 
2.00% 
Expected Volatility, Maximum
 
39.40% 
Expected Volatility, Minimum
 
39.10% 
Expected Volatility
39.40% 
 
Expected Life (in years)
5 years 
5 years 
Dividend Yield, Minimum
 
3.60% 
Dividend Yield, Maximum
 
3.90% 
Dividend Yield
3.50% 
 
Share-Based Compensation (Details 2) (USD $)
6 Months Ended 12 Months Ended
Jul. 28, 2012
Jan. 31, 2012
Aggregated information regarding stock options granted
 
 
Beginning balance, Weighted Average Remaining Contractual Life (in Years)
4 years 8 months 12 days 
4 years 8 months 12 days 
Granted, Number of Options
94,000 
 
Granted, Weighted Average Exercise Price
$ 8.19 
 
Exercised, Number of Options
(42,438)
 
Exercised, Weighted Average Exercise Price
$ 4.37 
 
Expired or canceled, Number of Options
(40,056)
 
Expired or canceled, Weighted Average Exercise Price
$ 8.45 
 
Ending balance, Number of Options
899,603 
888,097 
Ending balance, Weighted Average Exercise Price
$ 8.44 
$ 8.27 
Ending balance, Weighted Average Remaining Contractual Life (in Years)
4 years 8 months 12 days 
4 years 8 months 12 days 
Ending balance, Aggregated Intrinsic Value
$ 355,190 
$ 547,874 
Exercisable, Number of Options
736,203 
 
Exercisable, Weighted Average Exercise Price
$ 8.58 
 
Exercisable, Weighted Average Remaining Contractual Life (in years)
3 years 9 months 18 days 
 
Exercisable, Aggregate Intrinsic Value
$ 305,966 
 
Share-Based Compensation (Details 3) (USD $)
6 Months Ended
Jul. 28, 2012
Jan. 31, 2012
Aggregated information regarding RSUs granted
 
 
Beginning balance, Number of Options
 
   
Beginning balance, Weighted Average Grant Date Fair Value
 
   
Granted, Number of Options
46,900 
 
Granted, Weighted Average Grant Date Fair Value
$ 8.29 
 
Exercised, Number of Options
   
 
Exercised, Weighted Average Grant Date Fair Value
   
 
Expired or canceled, Number of Options
   
 
Expired or canceled , Weighted Average Grant Date Fair Value
   
 
Ending balance, Number of Options
46,900 
   
Ending balance, Weighted Average Grant Date Fair Value
$ 8.29 
    
Share-Based Compensation (Details Textual) (USD $)
6 Months Ended 3 Months Ended 6 Months Ended 3 Months Ended 6 Months Ended 3 Months Ended 3 Months Ended 6 Months Ended 3 Months Ended 6 Months Ended
Jul. 28, 2012
Jan. 31, 2012
Jul. 28, 2012
Employee Stock Purchase Plan [Member]
Jul. 30, 2011
Employee Stock Purchase Plan [Member]
Jul. 28, 2012
Employee Stock Purchase Plan [Member]
Jul. 30, 2011
Employee Stock Purchase Plan [Member]
Jul. 28, 2012
Non-employee director [Member]
Jul. 28, 2012
Equity incentive plan [Member]
Jul. 28, 2012
Equity incentive plan [Member]
Jul. 28, 2012
Restricted Stock Units (RSUs) [Member]
Jul. 28, 2012
Stock Option [Member]
Apr. 30, 2012
First quarter [Member]
Jul. 28, 2012
First quarter [Member]
Jul. 28, 2012
Second quarter [Member]
Jul. 28, 2012
Second quarter [Member]
Jul. 28, 2012
First anniversary [Member]
Restricted Stock Units (RSUs) [Member]
Jul. 28, 2012
Second anniversary [Member]
Restricted Stock Units (RSUs) [Member]
Share-Based Compensation (Textual) [Abstract]
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Number of shares granted to non director employee directors
 
 
 
 
 
 
 
20,000 
5,000 
9,900 
 
 
 
 
 
 
 
Plan provides for an automatic annual grant
 
 
 
 
 
 
 
 
10 years 
 
 
 
 
 
 
 
 
Option granted to employee vested over years
 
 
 
 
 
 
 
 
4 years 
 
 
 
 
 
 
 
 
Aggregate shares authorized for awards under the Plan
 
 
 
 
 
 
 
1,000,000 
1,000,000 
 
 
 
 
 
 
 
 
Shares available for grant under the Plan
 
 
 
 
 
 
 
559,594 
559,594 
 
 
 
 
 
 
 
 
Non-employee director is entitled to an annual cash retainer
 
 
 
 
 
 
$ 7,000 
 
 
 
 
 
 
 
 
 
 
Non-employee director is entitled to an annual cash retainer additional
 
 
 
 
 
 
500 
 
 
 
 
 
 
 
 
 
 
Options granted weighted average fair value per share
 
 
 
 
 
 
 
 
 
 
 
$ 2.03 
$ 2.09 
$ 2.05 
$ 2.01 
 
 
Unrecognized compensation expense related to unvested options
 
 
 
 
 
 
 
 
 
252,952 
285,920 
 
 
 
 
 
 
Available shares under employee stock purchase plan
94,000 
 
 
 
247,500 
 
 
 
 
 
 
 
 
 
 
 
 
Shares purchase under Employee Stock Purchase Plan
42,438 
 
1,550 
1,559 
2,547 
3,277 
 
 
 
 
 
 
 
 
 
 
 
Available shares under Stock Purchase Plan
899,603 
888,097 
67,660 
 
67,660 
 
 
 
 
 
 
 
 
 
 
 
 
Non-employee director received restricted stock award value
 
 
 
 
 
 
$ 20,000 
 
 
 
 
 
 
 
 
 
 
Equity retainer vested, period
 
 
 
 
 
 
12 months 
 
 
 
 
 
 
 
 
 
 
Restricted stock unit vested percentage
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
50.00% 
50.00% 
Share-Based Compensation (Additional Textual) [Abstract]
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Employee purchase plan discount rate
15.00% 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Inventories (Details) (USD $)
Jul. 28, 2012
Jan. 31, 2012
Components of inventories
 
 
Materials and Supplies
$ 8,708,767 
$ 9,204,853 
Work-In-Process
1,247,758 
1,274,397 
Finished Goods
3,989,529 
3,649,349 
Inventory Gross
$ 13,946,054 
$ 14,128,599 
Income Taxes (Details)
3 Months Ended 6 Months Ended
Jul. 28, 2012
Jul. 28, 2012
Projected effective tax rate for the periods
 
 
Fiscal 2013
37.90% 
25.90% 
Fiscal 2012
31.20% 
33.70% 
Income Taxes (Details Textual) (USD $)
3 Months Ended 6 Months Ended
Jul. 28, 2012
Jul. 30, 2011
Jul. 28, 2012
Jul. 30, 2011
Jan. 31, 2012
Income Taxes (Textual) [Abstract]
 
 
 
 
 
Income tax expense
$ 602,233 
$ 474,423 
$ 638,586 
$ 750,260 
 
Expense includes in income tax
 
 
907,000 
 
 
Pretax income and benefit
 
 
269,000 
 
 
Cumulative unrecognized tax benefits
$ 570,354 
 
$ 570,354 
 
$ 779,543 
Line of Credit and Note Receivable (Details) (USD $)
6 Months Ended 12 Months Ended
Jul. 28, 2012
Jul. 30, 2011
Jan. 31, 2012
Line of Credit and Note Receivable (Textual) [Abstract]
 
 
 
Promissory note interest rate
6.00% 
 
 
Line of Credit and Note Receivable (Additional Textual) [Abstract]
 
 
 
Net sales price
 
 
$ 1,000,000 
United States prime rate basis points
Plus 50 
 
 
United States prime and interest commencement date
Jan. 30, 2013 
 
 
United states prime rate payable
 
sixteen quarterly installments 
 
Current portion of the Note Receivable
300,000 
 
 
Revolving line of credit [Member]
 
 
 
Line of Credit and Note Receivable (Textual) [Abstract]
 
 
 
Revolving line of credit
600,000 
 
Promissory note interest rate
2.00% 
 
 
Extended revolving line of credit
$ 300,000 
 
 
Segment Information (Details) (USD $)
3 Months Ended 6 Months Ended
Jul. 28, 2012
Jul. 30, 2011
Jul. 28, 2012
Jul. 30, 2011
Net Sales and Segment Operating Profit for each reporting segment
 
 
 
 
Net Sales
$ 19,572,354 
$ 20,335,676 
$ 37,997,129 
$ 39,195,665 
Segment Operating Profit
2,740 
2,233 
4,634 
3,691 
Corporate Expenses
1,062 
1,010 
2,069 
1,911 
Operating Income
1,677,931 
1,223,300 
2,565,202 
1,780,256 
Other Income (Expense)
(88,925)
296,962 
(103,028)
447,282 
Income Before Income Taxes
1,589,006 
1,520,262 
2,462,174 
2,227,538 
Income Tax Provision
602,233 
474,423 
638,586 
750,260 
Net Income
986,773 
1,045,839 
1,823,588 
1,477,278 
T&M [Member]
 
 
 
 
Net Sales and Segment Operating Profit for each reporting segment
 
 
 
 
Net Sales
3,856 
4,477 
7,829 
8,226 
Segment Operating Profit
569 
861 
1,112 
873 
QuickLabel [Member]
 
 
 
 
Net Sales and Segment Operating Profit for each reporting segment
 
 
 
 
Net Sales
10,807 
11,238 
21,171 
22,012 
Segment Operating Profit
1,073 
627 
1,976 
1,408 
Grass [Member]
 
 
 
 
Net Sales and Segment Operating Profit for each reporting segment
 
 
 
 
Net Sales
4,909 
4,621 
8,997 
8,958 
Segment Operating Profit
$ 1,098 
$ 745 
$ 1,546 
$ 1,410 
Securities Available for Sale (Details) (State and Municipal Obligations [Member], USD $)
Jul. 28, 2012
Jan. 31, 2012
State and Municipal Obligations [Member]
 
 
Fair value, amortized cost and gross unrealized gains and losses of the securities
 
 
Amortized Cost
$ 11,353,847 
$ 11,313,013 
Gross Unrealized Gains
13,262 
22,933 
Gross Unrealized Losses
(721)
(22)
Fair Value
$ 11,366,388 
$ 11,335,924 
Securities Available for Sale (Details Textual)
6 Months Ended
Jul. 28, 2012
Securities Available for Sale (Textual) [Abstract]
 
Short-term investment securities have original maturities greater than (days)
90 days 
Maximum [Member]
 
Securities Available for Sale (Textual) [Abstract]
 
Anticipated maturity dates range
17 months 
Minimum [Member]
 
Securities Available for Sale (Textual) [Abstract]
 
Anticipated maturity dates range
1 month 
Fair Value (Details) (USD $)
Jul. 28, 2012
Jan. 31, 2012
Assets measured at fair value on a recurring basis
 
 
Money Market Funds (included in Cash and Cash Equivalents)
$ 5,901,983 
$ 5,922,179 
State and Municipal Obligations (included in Securities Available for Sale)
11,366,388 
11,335,924 
Total
17,268,371 
17,258,103 
Level 1 [Member]
 
 
Assets measured at fair value on a recurring basis
 
 
Money Market Funds (included in Cash and Cash Equivalents)
5,901,983 
5,922,179 
State and Municipal Obligations (included in Securities Available for Sale)
11,366,388 
11,335,924 
Total
17,268,371 
17,258,103 
Level 2 [Member]
 
 
Assets measured at fair value on a recurring basis
 
 
Money Market Funds (included in Cash and Cash Equivalents)
   
   
State and Municipal Obligations (included in Securities Available for Sale)
   
   
Total
   
   
Level 3 [Member]
 
 
Assets measured at fair value on a recurring basis
 
 
Money Market Funds (included in Cash and Cash Equivalents)
   
   
State and Municipal Obligations (included in Securities Available for Sale)
   
   
Total
   
   
Life Insurance Proceeds (Details) (USD $)
3 Months Ended 6 Months Ended
Jul. 28, 2012
Jul. 30, 2011
Life Insurance Proceeds (Textual) [Abstract]
 
 
Recognized income on key-man life insurance proceeds
$ 300,000 
$ (301,697)